Bill to support business growth in smaller New Jersey towns advances in Senate committee
TRENTON, N.J. — Legislation sponsored by state Sen. Parker Space aimed at promoting business development and economic growth in smaller New Jersey municipalities has advanced through the Senate Economic Growth Committee.
The bill, S-1779, would establish the Downtown Economic Growth Program to provide financial and technical assistance to encourage business development in less-populated municipalities.
Space, R-Sussex, Morris and Warren, said the legislation is intended to help smaller communities overcome economic challenges and expand opportunities for local businesses.
“Many small towns in New Jersey struggle to create jobs and stimulate business growth because of barriers that prevent them from qualifying for certain assistance programs,” said Sen. Space. “This bill would address the unique challenges that less-populated municipalities face by establishing the Downtown Economic Growth Program. By providing access to critical resources that foster business development and growth, we’ll be making a long-term investment in the prosperity of our smaller communities.”
Under the proposed legislation, qualifying businesses in smaller municipalities would have access to financial assistance and technical resources designed to encourage economic development.
Space said the program would also help businesses facing rising operating costs and other financial pressures.
“Despite living and operating in well-developed areas, businesses in downtown areas are no stranger to the affordability crisis that is unfolding in New Jersey,” Sen. Space continued. “By offering certain tax credits and opening this assistance fund, we’ll ensure that businesses in less-populated municipalities remain vibrant for many years to come.”
The legislation would establish a new state program focused on supporting business development in smaller communities through financial assistance, technical support and certain tax credits.
The bill has advanced out of the Senate Economic Growth Committee but would require additional legislative approval before becoming law.
According to the legislation, the program would apply to municipalities with fewer than 11,000 residents that also meet at least one additional requirement: serving as a county seat, containing a designated opportunity zone or being more than 70% developed.
The bill is also sponsored by Democratic Sen. Troy Singleton of Burlington County.
Following its advancement by the Senate Economic Growth Committee on Oct. 8, the legislation was referred to the Senate Budget and Appropriations Committee for further consideration.
